By Paul A. Harris
Portland, Ore., March 26 – Volvo Car AB priced a €600 million issue of 2 1/8% five-year senior notes (Ba1/BB+) on Tuesday at a 215 basis points spread to mid-swaps, according to a market source.
The spread came on top of spread talk and tighter than earlier guidance of mid-swaps plus 240 bps, according to a market source, who added that the deal was heard to be playing to €2 billion of demand.
Citigroup was the lead.
Goteborg, Sweden-based car-maker plans to use the proceeds for general corporate purposes.
| Issuer: | Volvo Car AB
|
| Amount: | €600 million
|
| Maturity: | April 2024
|
| Securities: | Senior notes
|
| Lead: | Citigroup
|
| Coupon: | 2 1/8%
|
| Price: | 99.625
|
| Yield: | 2.205%
|
| Spread: | Mid-swaps plus 215 bps
|
| Call protection: | Non-callable
|
| Trade date: | March 26
|
| Settlement date: | April 2
|
| Ratings: | Moody's: Ba1
|
| S&P: BB+
|
| Price talk: | Mid-swaps plus 215 bps
|
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